San Juan, Puerto Rico-based Banco Popular de Puerto Rico (2015 assets exceeded US$35 billion) is entering the Republic of Cuba marketplace through its MasterCard branded credit cards.
Pompano Beach, Florida-based Stonegate Bank (2015 assets exceeded US$2.5 billion) has its MasterCard credit/debit cards operational within the Republic of Cuba.
“Banco Popular de Puerto Rico is sharing that the Bank’s main interest is to offer banking services to travelers whose destination is Cuba and who want to use their cards there.
Banco Popular de Puerto Rico is currently in the process of completing the necessary internal systems and controls to manage and authorize the use of Mastercard Credit Card transactions with the Central Bank of Cuba, of individuals subject to U.S. jurisdiction to travel to Cuba pursuant to one of the General Licenses 12 authorized categories by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) /Cuban Assets Control (CACR) amended regulations.
Currently, Banco Popular de Puerto Rico is following and working with the necessary protocols to establish special criteria for the use of these cards under current federal regulations.
MasterCard can only be used for activities permitted for travel to Cuba as stated by the issuing of general licenses through the OFAC.
As soon as these credit card services are available on the island of Cuba, we will inform our customers, general public and media.”
About Popular, Inc.
Founded in 1893, Popular, Inc. is the leading banking institution by both assets and deposits in Puerto Rico and ranks among the top 50 U.S. banks by assets. Popular provides retail, mortgage and commercial banking services through its principal banking subsidiary, Banco Popular de Puerto Rico, as well as auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. In the United States, Popular has established a community-banking franchise providing a broad range of financial services and products with branches in New York, New Jersey and Florida under the name of Popular Community Bank.
cubatrade.org, June 29, 2016